Investigate fees

Not all savings accounts are made the same – and different products across different banks or providers can charge different rates for a savings account.

When exploring which account will suit you best, be sure to investigate what charges are applied – such as a monthly account charge, a per transaction charge, or whether you’ll end up spending more or less money depending on the amount of funds in the account itself.

Explore your returns

Similarly, be sure to investigate what returns your provider will offer. While some banks may offer a fixed monthly interest rate, others may tie your returns to other banking activities such as using other products or fulfilling certain criteria.

Understanding what will attract the highest returns will enable you to grow your account that much more rapidly.

Look at other banks to see what the best offers are

If your bank doesn’t offer a compelling savings product, why not look elsewhere?

While you’ll typically need to open a current or cheque account in order to use a savings account, migrating between banks or simply opening a new account can be a great way to maximize your returns and find the best possible offers.

Make sure you can access your savings when you need to

A key difference among savings accounts is that your access to your funds may differ – some, such as a 32 day call account are great to keeping your money safe, but require a month’s notice before you can withdraw your funds. Others offer immediate access but might have lesser returns.

Be sure to investigate exactly what withdrawal notice period you will need before you commit and open an account.